In TurboTax, you
will be using TurboTax Premier Online or
Desktop (or higher) to enter your rental property.
Tip: If your rental property is located
out-of-state, make sure you first set up that state
properly in Personal Info.
That way, when you do your state taxes, we'll be ready to go.
Now let's enter that
rental:
-
In the Personal section when using the desktop Home & Business edition
- Click on Federal Taxes (Personal using Home & Business)
- Click on Wages and Income (Personal Income using Home & Business)
- Click on I'll choose what I work on
- Scroll down to Rental Properties and Royalties
- We'll first ask you to enter
general information about your rental (description, address, ownership
percentage, etc.)
- Eventually, you'll come to
the Rental Summary screen which is where you enter your:
- Rental income
- Rental expenses
- Capital assets and
depreciation
- Vehicle expenses
